It is up to you to determine what government benefits are available for your loved one. A good financial planner will be able to calculate the cost of providing your loved one the lifestyle that you want him or her to receive beyond that which the government is willing to pay. Once these amounts are determined, the financial planner will recommend various ways to ensure there are sufficient resources to meet the shortfall between the lifestyle the government will pay for and the lifestyle you desire for your loved one.
An important part of this analysis is to make sure enough assets are available throughout your loved one’s life. Your financial advisor can help you explore your options and ensure enough financial resources exist to meet your planning goals. Depending on the circumstances, your financial advisor may recommend life insurance, annuities, bonds, mutual funds, or other investments. Regardless of the specific investments selected, it is critical that your financial plan be coordinated with your estate plan. Failure to do so can cause the loss of all government benefits. To avoid this tragedy, make sure that you work with an estate planning attorney who has special needs planning experience.